A major part of the Take-Two's (TTWO) argument against accepting Electronic Arts $25.74 offer: We've got other buyers. The company made the same claim during its conference call yesterday, announcing that it's moved from general interest to "formal discussions" with potential buyers who aren't EA (ERTS).

In recent weeks, that's gone over well with investors, who have pushed TTWO shares up about $2 more than EA's last offer. But at some point Strauss Zelnick and crew will actually have to produce a living, breathing buyer, or the Street will get antsy again. Maybe it already is: A day after TTWO released a blowout Q2; shares closed today at $27.36 -- down 1%.